Money News

Strength of pound is creeping up, says Which? Money

Thu 20th Aug 2009

The value of the pound for buying foreign currency is "creeping up", but there have been no massive increases yet, according to Which? Money.

Dan Moore, a senior researcher at the consumer watchdog, claimed that the changing state of money markets across the world has affected the value of sterling but that this will not yet translate to a big difference in people's travel money.

He commented that the pound was "still plodding along" so we cannot expect to see a massive increase in the number of pounds we get when we change back our euros.

"For the average person on the street, what we are really looking at is how much people are paying for their holiday money," he said.

Mr Moore also pointed out that there was not a huge variation in the exchange rates being offered at the moment, but he advised not using an online service if there are card fees involved.

Research from Tesco Travel Money indicated that 26 per cent of people will choose an exchange service over its convenience rather than the rate on offer.